THE INSTITUTE FOR WILLS AND ESTATE EDUCATION

Estate Taxation 1

Workshop Leaders:

Jordan Atin

Ted Masters, C.A.

Wendy Templeton

                                                                                                                         

This program has been accredited by the Law Society for 0.5 Professionalism Hours
This program is eligible for 2.5 Substantive Hours

 

1.     Overview of Taxation on Death (20 mins)

Ø  Explaining Estate Taxation to clients in plain language

Ø  Deemed Dispositions

Ø  Deferring Deemed Disposition through rollovers


2.     Income Tax Filings (10 Mins)

Ø  Terminal Returns

Ø  Rights and Things Returns

Ø  Trust Returns / Allocation of Income to Beneficiaries

Ø  Due Dates


3.     Taxation of Specific Assets on Death  (20 mins)

Ø  Jointly Held Assets

Ø  Principal Residences

Ø  Registered Plans

Ø  Insurance Proceeds


4.     Historical Tax Amendments and their effects on Death (10 Mins)

Ø  Capital Gains Exemptions

Ø  Crystallization of Capital Gains 

Ø  Multiple Principal Residences


5.     21 Years Deemed Dispositions on Trusts (15 Mins)


6.      Charitable Deductions (15 Mins)

Ø  How to calculate potential tax savings

Ø  When is a donation credit available?


7.      Distributions to Non-Resident Beneficiaries (15 Mins)

   

8.      Non-Resident Estates (10 Mins)

Ø  The income tax effect of appointing non-resident executors


9.     Voluntary Disclosure/Fairness Applications  (10 Mins)


10.   Clearance Certificate Procedures (10 Mins)


11.   Professional Issues (30 mins)

Ø  Restricting Retainers

Ø  When to involve tax professionals

Ø  Managing client expectations regarding fees and services to be provided

Ø  Avoiding potential liability through reporting letters

Ø  When should a lawyer prepare tax returns?


12.        Questions and Answer Period (15 mins)